I'll try to make this short...
My father in law bought a house which included 3 parcels (3 acres with his house, 15 acres of woods, and 2.5 acres woods) for $140,000 in Pennsylvania. He had a mortgage on all 3 parcels.
He deeded the 2.5 acres to my husband, which we then put a modular home with a foundation on. (Home is paid for, no liens on it, and with some trouble can be moved)
Then father in law took out a HELOC and used all $90,000 of it, which we didn't know about.
Father in law passed away.
Property goes into foreclosure. (No estate was ever opened)
We then find out that since the mortgage was not released on our 2.5 acres it is included in foreclosure. We tried to hire an attorney to get mortgage company to release our property but nothing came of it. Ideally we would like to get our property released and the mortgage company can have my father in laws house and the 15 @acres of woods.
There is now (after like 6 years of delays) $80,000 owed on 1st mortgage and then the $90,000 2nd mortgage. Our house is approx. Worth $100,000, fathers house approx $75,000 and 15 acres of woods has to be at least $25,000 total about $200,000. sheriff sale judgement amount is $81,000.
What good would it do to file bankruptcy and which one would be better for us? We don't have much of anything else for debts and we have very low income, just SSD. Making $100 monthly payment would be rough on us right now!
Do we have any sort of real estate defense since we've lived here for 10 years now. And no mortgage or heloc payments have been made for 6 years. We never even got served and paper saying they made good faith efforts to serve us at our address say it was vacant, but it clearly is not! We have kids and dogs so it's not quiet lol!
Any advice is greatly appreciated, thank you !
My father in law bought a house which included 3 parcels (3 acres with his house, 15 acres of woods, and 2.5 acres woods) for $140,000 in Pennsylvania. He had a mortgage on all 3 parcels.
He deeded the 2.5 acres to my husband, which we then put a modular home with a foundation on. (Home is paid for, no liens on it, and with some trouble can be moved)
Then father in law took out a HELOC and used all $90,000 of it, which we didn't know about.
Father in law passed away.
Property goes into foreclosure. (No estate was ever opened)
We then find out that since the mortgage was not released on our 2.5 acres it is included in foreclosure. We tried to hire an attorney to get mortgage company to release our property but nothing came of it. Ideally we would like to get our property released and the mortgage company can have my father in laws house and the 15 @acres of woods.
There is now (after like 6 years of delays) $80,000 owed on 1st mortgage and then the $90,000 2nd mortgage. Our house is approx. Worth $100,000, fathers house approx $75,000 and 15 acres of woods has to be at least $25,000 total about $200,000. sheriff sale judgement amount is $81,000.
What good would it do to file bankruptcy and which one would be better for us? We don't have much of anything else for debts and we have very low income, just SSD. Making $100 monthly payment would be rough on us right now!
Do we have any sort of real estate defense since we've lived here for 10 years now. And no mortgage or heloc payments have been made for 6 years. We never even got served and paper saying they made good faith efforts to serve us at our address say it was vacant, but it clearly is not! We have kids and dogs so it's not quiet lol!
Any advice is greatly appreciated, thank you !